Interim / Quarterly Report • Aug 21, 2013
Interim / Quarterly Report
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With increasing contributions from all automotive engine sectors, including the start of production of two new European commercial vehicle cylinder blocks, SinterCast posted record series production of 1.65 million Engine Equivalents in the second quarter.
* Annualised average production of Engine Equivalents during the quarter (1 Engine Equivalent = 50 kg)
Following an 8% recovery to 1.30 million Engine Equivalents in the first quarter, annualised series production increased by a further 27% in the second quarter to reach 1.65 million Engine Equivalents. The second quarter production represents a new record, surpassing the previous record of 1.60 million Engine Equivalents set in the first quarter of 2012. The increased production was a result of continued strong performance in the passenger vehicle V-diesel sector; increased commercial vehicle production in Europe and America, including the start of production of two new European heavy duty cylinder blocks; and, contributions from the pre-production of the first high volume CGI petrol engine, which remains on schedule for the start of series production during the second half of the year.
In advance of the start of US sales of the Ram 1500 light duty pick-up during the fourth quarter, production of the VM Motori 3.0 litre V6 diesel engine continued to increase during the quarter. Chrysler has publicly indicated a competitive pricing strategy for the Ram diesel option, in order to establish a diesel foothold before competitive offerings are introduced. In parallel, VM Motori has publicly announced the potential demand for 135,000 engines (approximately 200,000 Engine Equivalents) within two years. Chrysler's diesel initiative, augmented by attractive pricing, continues to increase the competitive pressure in the important US light duty pick up sector and enhances the overall growth opportunity for SinterCast.
New installation discussions are at an advanced stage with foundries in Asia and the Americas, providing a positive outlook for new installations. During May, the Halberg foundry in Germany announced its second System 3000 installation in order to accommodate increased heavy duty commercial vehicle production. The installation was successfully commissioned in early August and is being used to support production of two commercial vehicle cylinder blocks and the ongoing product development of commercial vehicle cylinder blocks and heads. Installation revenue was also derived from the sale of an automated base treatment station to the Tupy foundry in Brazil in order to upgrade the existing System 3000 to a System 3000 Plus. Commissioning is scheduled for September. The Halberg installation and the Tupy upgrade follow a System 3000 installation at the Scania foundry in February and the sale of a Mini-System 3000 to the University of Alabama in April. These installation activities, together with ongoing discussions for additional installations, provide the opportunity for a third consecutive year of record installation performance.
SinterCast continues to support product development programmes for passenger vehicle, commercial vehicle and industrial power applications in Europe, Asia and the Americas. It is estimated that the combined potential of the current series production programmes and the programmes currently under development represents a market opportunity of approximately 4.65 million Engine Equivalents per year within SinterCast's five year planning horizon.
The ductile iron technology was presented at the Ductile Iron Society annual meeting in the United States in June. SinterCast's innovative approach to thermal analysis and process control was well received and discussions are ongoing with various companies that have expressed interest to serve as reference partners. As a result of the technical development, two new patent applications were filed during July. The ductile iron technology is expected to provide a cost-benefit by reducing magnesium consumption, improving mould yield and reducing casting defects in the foundry, and by improving machinability.
The revenue for the SinterCast Group relates primarily to income from equipment, series production and engineering service.
| Revenue Breakdown | April-June | January-June | ||
|---|---|---|---|---|
| (Amounts in SEK million if not otherwise stated) | 2013 | 2012 | 2013 | 2012 |
| Number of Sampling Cups shipped | 33,200 | 32,000 | 62,100 | 68,800 |
| Equipment 1 | 0.4 | 0.1 | 2.7 | 0.4 |
| Series Production 2 | 10.7 | 10.9 | 19.7 | 22.1 |
| Engineering Service 3 | 0.6 | 0.2 | 0.9 | 0.4 |
| Other | 0.1 | 0.1 | 0.2 | 0.1 |
| Total | 11.8 | 11.3 | 23.5 | 23.0 |
Notes: 1. Includes revenue from system sales and leases and sales of spare parts
Includes revenue from production fees, consumables and software licence fees
Includes revenue from technical support, on-site trials and sales of test pieces
The April-June 2013 revenue amounted to SEK 11.8 million (SEK 11.3 million). Equipment revenue amounted to SEK 0.4 million (SEK 0.1 million), primarily related to the Mini-System 3000 that was shipped to the University of Alabama (UAB) during the period. Engineering Service amounted to SEK 0.6 million (SEK 0.2 million) following the installation support provided at Tupy Saltillo, Mexico and Teksid Mexico. Series Production revenue decreased slightly to SEK 10.7 million (SEK 10.9 million), primarily due to changed product and price mix and the increased value of the Swedish Krona compared to the US dollar and the Euro.
The January-June 2013 revenue amounted to SEK 23.5 million (SEK 23.0 million). Equipment revenue amounted to SEK 2.7 million (SEK 0.4 million), related to the UAB Mini-System 3000 and to the System 3000 installation at the Scania foundry during February. The revenue from the leased installations is accrued over the lease period. The revenue from series production decreased primarily due to 2% lower production volume, lower Sampling Cup shipments, and the increased value of the Swedish Krona.
The business activities of SinterCast are best reflected by the Operating Result. This is because the "Result for the period after tax" and the "Earnings per Share" are influenced by the financial income and costs and by the revaluation of tax assets.
| Results Summary | April-June | January-June | |||
|---|---|---|---|---|---|
| (Amounts in SEK million if not otherwise stated) | 2013 | 2012 | 2013 | 2012 | |
| Operating Result | 1.4 | 0.0 | 2.9 | 1.3 | |
| Result for the period after tax | 1.2 | 0.1 | 3.6 | 1.8 | |
| Earnings per Share (SEK) | 0.2 | 0.0 | 0.5 | 0.3 |
The April-June 2013 Operating Result of SEK 1.4 million (SEK 0.0 million) increased as a result of higher gross results of SEK 0.3 million derived from higher revenue, lower operational expenses of SEK 0.9 million
and higher exchange gains from operating receivables and liabilities of SEK 0.2 million. Exchange gains, reported as other operating income, arise primarily when payments in foreign currency for outstanding invoices arrive at a more favourable exchange rate than the exchange rate prevailing on the date of the issuing of the invoice and also arise when foreign bank holdings are recalculated to Swedish Krona at the end of each accounting period.
The Result for the period after tax amounted to SEK 1.2 million (SEK 0.1 million), primarily related to the increased Operating Result of SEK 1.4 million (SEK 0.0 million) and a decrease of SEK 0.3 million in the financial net compared to last year.
The January-June 2013 Operating Result of SEK 2.9 million (SEK 1.3 million), increased as a result of higher gross results of SEK 0.6 million derived from higher revenue and decreased costs for engineering and production, lower operational expenses of SEK 0.8 million and exchange gains of SEK 0.2 million.
The Result for the period after tax amounted to SEK 3.6 million (SEK 1.8 million), primarily related to the increased Operating Result, a SEK 0.6 million decrease in the financial net compared to the previous year, and an SEK 0.8 million deferred tax adjustment.
Tax amounted to SEK 0.6 million (SEK -0.2 million) during the January-June 2013 period, of which SEK 0.8 million is explained by the increase of the deferred tax asset that was made during the first quarter 2013.
The estimated future taxable profit and deferred tax asset calculation is reassessed every quarter. As of 30 June 2013, SEK 128.5 million (SEK 125.1 million) of SinterCast's total carried-forward tax losses have been used as the basis of the updated calculation, resulting in SEK 28.3 million (SEK 32.9 million) being capitalised as a deferred tax asset. The deferred tax asset compared to last year is primarily explained by the reduction during the fourth quarter 2012 amounting to SEK -5.4 million due to the change in the Swedish corporate tax rate from 26.3% to 22%. The deferred tax asset is included in the financial assets in the balance sheet.
| Cashflow Summary | April-June | January-June | ||
|---|---|---|---|---|
| (Amounts in SEK million if not otherwise stated) | 2013 | 2012 | 2013 | 2012 |
| Cashflow from operations | 5.3 | 0.3 | 5.5 | 0.0 |
| Cashflow from investment activities | -0.3 | -0.1 | -0.3 | -0.2 |
| Cashflow from financing activities (dividend) | -7.0 | -11.9 | -7.0 | -11.9 |
| Cashflow total | -2.0 | -11.7 | -1.8 | -12.1 |
| Liquidity | 33.6 | 35.5 | 33.6 | 35.5 |
The April-June 2013 cashflow from operations was SEK 5.3 million (SEK 0.3 million). The increased cashflow was primarily due to installation payments received from Tupy Saltillo, Teksid and Scania. During the period, a dividend in the amount of SEK 7.0 million (SEK 11.9 million) was paid to the shareholders, resulting in a total cashflow result of SEK -2.0 million.
The January-June 2013 cashflow from operations was SEK 5.5 million (SEK 0.0 million). The increased cashflow was due to the aforementioned installations and lower operational expenses compared to the same
period last year. Following the dividend of SEK 7.0 million (SEK 11.9 million), the total cashflow result for the period was SEK -1.8 million (SEK -12.1 million), resulting in SEK 33.6 million (SEK 35.5 million) in liquidity on 30 June 2013. Investments amounted to SEK 0.3 million (SEK 0.2 million) during the period.
As of 30 June 2013, the total cost of the employee stock option program 2009-2013 was calculated to be SEK 2.9 million (SEK 3.1 million), based on a closing share price of SEK 51.5 (SEK 52.0). Thus far during 2013, SEK 0.1 million (SEK 0.3 million) has been accounted for as costs related to the option program.
The main uncertainty factor for SinterCast continues to be the timing of the CGI market ramp-up. This primarily depends on OEM decisions for new CGI products, the global economy for new vehicle sales, and the individual sales success of vehicles equipped with SinterCast-CGI components. The European and Asian economies continue to be uncertain and this may impact passenger vehicle and commercial vehicle sales. SinterCast's diversification between V-diesel engines for passenger vehicles, commercial vehicle engine components, and other applications such as exhaust components and industrial power engines, combined with its presence in Europe, Asia and the Americas, reduces the dependence on individual product applications and geographical regions.
SinterCast enjoys global brand recognition and respect as the CGI technology leader and is welcomed by the industry as a reliable and trustworthy partner. However, virtually every company encounters competition, and SinterCast is no exception. SinterCast judges that its technology and engineering know-how provides the most reliable and cost-effective solution for series production of high quality CGI.
New powertrain technologies, such as vehicle electrification (hybrid and plug-in vehicles) and fuel cells attract significant media attention; however, the development and implementation of these technologies remain a long-term prospect and SinterCast does not expect these technologies to have a significant effect on the Company's competitive position for the foreseeable future.
For full risk and uncertainty factor information, please see note 26 on p.42 in SinterCast's Annual Report 2012
With successful high volume CGI production in foundries located in Europe, Asia and the Americas, SinterCast has established a global organisation with employees and offices in Sweden, the United Kingdom, the United States, China and Korea. As of 30 June 2013, the Group had 18 (20) employees, three (three) of whom were female. The Company is well positioned to support global market activities and to drive SinterCast's future growth.
SinterCast AB (publ) is the Parent Company of the SinterCast Group, with its registered office located in Stockholm, Sweden. The Parent Company has 12 (17) employees, due in part to reassignment of the Chinese employees to the local company. The majority of the operations are managed by the Parent Company while local operations in the UK, USA, Korea and China are managed by the local companies. As a result of SinterCast's increased presence in Asia, the representation agreements in Australia, India and Japan were terminated during the period, although the former representatives remain available to assist on an ad hoc basis upon request. The information given for the Group in this report corresponds in all material respects to the Parent Company.
The information provided on behalf of the Group in this interim report has been prepared in accordance with Sweden's Annual Accounts Act and IAS 34 Interim Financial Reporting. The reporting for the Parent Company has been prepared in accordance with Sweden's Annual Accounts Act and RFR 2. Except for the change, described in the first quarter report 2013, of the amendment in IAS 1 (Presentation of Financial Statements), the accounting policies that have been applied for the Group and the Parent Company are in agreement with the accounting policies used in preparation of the Company's latest annual report.
No material transactions have taken place between SinterCast and the Board or the Management during the period.
There have been no significant events since the balance sheet date of 30 June 2013 that could materially change these financial statements. The following press release has been issued: 10 July 2013 – SinterCast posts record series production in second quarter
The Interim Report July-September 2013 will be published on 6 November 2013 The Interim Report October-December and Full Year Results 2013 will be published on 26 February 2014 The Interim Report January-March 2014 will be published on 23 April 2014 The Interim Report April-June 2014 will be published on 20 August 2014
This report has not been reviewed by the Company's Auditors.
The Board of Directors and the CEO certify that the half-yearly financial report provides a true and fair overview of the operations, outlook, financial position and results of the Company and the Group, and describes the material risks and uncertainties that the Company and the companies in the Group face.
Stockholm 21 August 2013
Ulla-Britt Fräjdin-Hellqvist Aage Figenschou Robert Dover Chairman of the Board Vice Chairman of the Board Member of the Board
Laurence Vine-Chatterton Hans-Erik Andersson Steve Dawson Member of the Board Member of the Board President & CEO
Member of the Board
For further information please contact:
Dr. Steve Dawson President & CEO SinterCast AB (publ) Office: +46 8 660 7750 Mobile: +44 771 002 6342 e-mail: [email protected] website: www.sintercast.com
SinterCast is the world's leading supplier of process control technology for the reliable high volume production of Compacted Graphite Iron (CGI). With at least 75% higher tensile strength, 45% higher stiffness and approximately double the fatigue strength of conventional grey cast iron and aluminium, CGI allows engine designers to improve performance, fuel economy and durability while reducing engine weight, noise and emissions. The SinterCast technology is used for the production of more than 50 CGI components, ranging from 2 kg to 17 tonnes, all using the same proven process control technology. The end-users of SinterCast-CGI components include Allen Diesels, Aston Martin, Audi, Cameron Compression, Caterpillar, Chrysler, DAF Trucks, Ford, Ford-Otosan, General Electric Transportation Systems, General Motors, Hyundai, Jaguar, Jeep, Kia, Lancia, Land Rover, MAN, Maserati, Navistar, Porsche, PSA Peugeot-Citroën, Renault, Scania, Toyota, VM Motori, Volkswagen, Volvo and Waukesha Engine. The SinterCast share is quoted on the Small Cap segment of the NASDAQ OMX stock exchange (Stockholmsbörsen: SINT). For more information: www.sintercast.com
| April -June | January-June | January - December | |||||
|---|---|---|---|---|---|---|---|
| AMOUNTS IN SEK MILLION | 2013 | 2012 | 2013 | 2012 | 2012 | 2011 | |
| Revenue | 11.8 | 11.3 | 23.5 | 23.0 | 45.9 | 49.0 | |
| Cost of goods sold | -3.2 | -3.0 | -6.2 | -6.3 | -13.7 | -14.2 | |
| Gross result | 8.6 | 8.3 | 17.3 | 16.7 | 32.2 | 34.8 | |
| Cost of sales and marketing | -4.6 | -5.3 | -8.7 | -9.3 | -19.7 | -14.4 | |
| Cost of administration | -1.7 | -1.9 | -3.4 | -3.6 | -6.5 | -6.6 | |
| Cost of research & development | -1.4 | -1.4 | -2.7 | -2.7 | -5.5 | -4.4 | |
| Other operating income | 0.4 | 0.2 | 0.4 | 0.2 | 0.5 | 2.2 | |
| Other operating costs | 0.1 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | |
| Operating result | 1.4 | 0.0 | 2.9 | 1.3 | 1.0 | 11.6 | |
| Financial income | 0.0 | 0.3 | 0.2 | 0.8 | 1.1 | 0.6 | |
| Financial costs | -0.1 | -0.1 | -0.1 | -0.1 | -0.1 | -1.1 | |
| Income Tax | -0.1 | -0.1 | 0.6 | -0.2 | -5.7 | 3.4 | |
| Result for the period | 1.2 | 0.1 | 3.6 | 1.8 | -3.7 | 14.5 | |
| Result attributable to: | |||||||
| Equity holder of the parent company | 1.2 | 0.1 | 3.6 | 1.8 | -3.7 | 14.5 | |
| Non-controlling interests | - | - | - | - | - | - | |
| Earnings per share, SEK | 0.2 | 0.0 | 0.5 | 0.3 | -0.5 | 2.1 | |
| Earning per share, diluted, SEK | 0.2 | 0.0 | 0.5 | 0.3 | -0.5 | 2.1 | |
| Number of shares at the close of the period, thousands | 6,975.7 | 6,975.7 | 6,975.7 | 6,975.7 | 6,975.7 | 6,975.7 | |
| Average number of shares, thousands | 6,975.7 | 6,975.7 | 6,975.7 | 6,975.7 | 6,975.7 | 6,975.7 | |
| Average number of shares adjusted for outstanding warrants | 6,975.7 | 6,975.7 | 6,975.7 | 6,975.7 | 6,975.7 | 6,975.7 |
| April -June | January-June | January - December | |||||
|---|---|---|---|---|---|---|---|
| AMOUNTS IN SEK MILLION | 2013 | 2012 | 2013 | 2012 | 2012 | 2011 | |
| Result for the period | 1.2 | 0.1 | 3.6 | 1.8 | -3.7 | 14.5 | |
| Other comprehensive income Items to be reclassified to the profit and loss statement |
|||||||
| Translation differences, foreign subsidiaries | 0.1 | 0.1 | 0.0 | -0.1 | -0.2 | 0.4 | |
| Other comprehensive income, net of tax | 0.1 | 0.1 | 0.0 | -0.1 | -0.2 | 0.4 | |
| Total comprehensive income | 1.3 | 0.2 | 3.6 | 1.7 | -3.9 | 14.9 | |
| Total comprehensive income attributable to: | |||||||
| Equity holder of the parent company Non-controlling interests |
1.3 - |
0.2 - |
3.6 - |
1.7 - |
-3.9 - |
14.9 - |
| Cashflow Statement - SinterCast Group | |||
|---|---|---|---|
| -- | -- | --------------------------------------- | -- |
| April -June | January-June | January - December | ||||
|---|---|---|---|---|---|---|
| AMOUNTS IN SEK MILLION | 2013 | 2012 | 2013 | 2012 | 2012 | 2011 |
| Operating activities | ||||||
| Operating result | 1.4 | 0.0 | 2.9 | 1.3 | 1.0 | 11.6 |
| Adjustments for items not included in the cash flow | ||||||
| Depreciation | 0.2 | 0.2 | 0.4 | 0.4 | 1.0 | 0.9 |
| Other | 0.0 | 0.4 | 0.0 | 0.3 | 0.4 | 0.8 |
| Unrealised exchange rate differences | 0.0 | -0.4 | 0.0 | -0.4 | 0.6 | -0.4 |
| Received interest | 0.0 | 0.2 | 0.2 | 0.4 | 0.6 | 0.6 |
| Paid interest | 0.0 | -0.1 | 0.0 | -0.1 | -0.1 | -0.1 |
| Total cashflow from operating activities | ||||||
| before change in working capital | 1.6 | 0.3 | 3.5 | 1.9 | 3.5 | 13.4 |
| Change in working capital | ||||||
| Stock | -0.5 | -0.8 | 0.3 | -0.4 | 0.1 | -1.9 |
| Operating receivables | 2.6 | -0.9 | -0.1 | -3.2 | -0.4 | 3.7 |
| Operating liabilities | 1.6 | 1.7 | 1.8 | 1.7 | -1.9 | -0.7 |
| Total change in working capital | 3.7 | 0.0 | 2.0 | -1.9 | -2.2 | 1.1 |
| Cashflow from operations | 5.3 | 0.3 | 5.5 | 0.0 | 1.3 | 14.5 |
| Investing activities | ||||||
| Acquisition of intangible assets | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | -0.1 |
| Acquisition of tangible assets | -0.3 | -0.1 | -0.3 | -0.2 | -1.6 | -0.3 |
| Increase/decrease in long-term receivables/payables | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Cashflow from investing activities | -0.3 | -0.1 | -0.3 | -0.2 | -1.6 | -0.4 |
| Financing activities | ||||||
| Employee share option programme* | - | - | - | - | - | -0.3 |
| Bank loan | - | - | - | - | - | -3.0 |
| Dividend | -7.0 | -11.9 | -7.0 | -11.9 | -11.9 | -3.5 |
| Cashflow from financing activities | -7.0 | -11.9 | -7.0 | -11.9 | -11.9 | -6.8 |
| Change in cash and cash equivalents** | -2.0 | -11.7 | -1.8 | -12.1 | -12.2 | 7.3 |
| Cash - opening balance | 35.6 | 47.2 | 35.4 | 47.6 | 47.6 | 40.3 |
| Cash - closing balance | 33.6 | 35.5 | 33.6 | 35.5 | 35.4 | 47.6 |
* The subscription of employee stock options during 2011 amounted to SEK -0,3 million
** The cash and cash equivalents comprises short-term deposits and cash at bank and in hand
| AMOUNTS IN SEK MILLION | 30 Jun 2013 |
30 Jun 2012 |
31 Mar 2013 |
31 Mar 2012 |
31 Dec 2012 |
31 Dec 2011 |
|---|---|---|---|---|---|---|
| ASSETS | ||||||
| Intangible assets | 1.5 | 2.0 | 1.6 | 2.2 | 1.7 | 2.3 |
| Tangible assets | 2.1 | 0.6 | 1.9 | 0.5 | 2.0 | 0.4 |
| Financial assets | 28.7 | 33.2 | 28.6 | 33.0 | 27.8 | 32.9 |
| Total fixed assets | 32.3 | 35.8 | 32.1 | 35.7 | 31.5 | 35.6 |
| Stock | 3.7 | 4.8 | 3.2 | 4.0 | 4.0 | 4.4 |
| Short term receivables | 12.2 | 15.5 | 14.7 | 14.6 | 12.1 | 12.3 |
| Short term deposits and cash at bank and in hand | 33.6 | 35.5 | 35.6 | 47.2 | 35.4 | 47.6 |
| Total current assets | 49.5 | 55.8 | 53.5 | 65.8 | 51.5 | 64.3 |
| Total Assets | 81.8 | 91.6 | 85.6 | 101.5 | 83.0 | 99.9 |
| SHAREHOLDERS' EQUITY AND LIABILITIES | ||||||
| Shareholders' equity* | 74.7 | 83.2 | 80.3 | 94.8 | 77.9 | 93.2 |
| Long term liabilities | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Current liabilities | 7.1 | 8.4 | 5.3 | 6.7 | 5.1 | 6.7 |
| Total shareholders' equity and liabilities | 81.8 | 91.6 | 85.6 | 101.5 | 83.0 | 99.9 |
| Adjusted equity per share, SEK | 10.7 | 11.9 | 11.5 | 13.6 | 11.2 | 13.4 |
| Additional | ||||
|---|---|---|---|---|
| * STATEMENT OF CHANGES IN EQUITY | Share | Paid in | Accumul. | Total |
| Attributable to the equity holder of the parent company | Capital | Capital | Result | Equity |
| Opening balance 1 January 2012 | 6.98 | 39.41 | 46.81 | 93.20 |
| Employee share option programme, IFRS 2 | - | - | 0.22 | 0.22 |
| Dividend | - | - | -11.86 | -11.86 |
| Total comprehensive income | - | - | 1.68 | 1.68 |
| Closing Balance 30 June 2012 | 6.98 | 39.41 | 36.85 | 83.24 |
| Opening balance 1 January 2013 | 6.98 | 39.41 | 31.50 | 77.89 |
| Employee share option programme, IFRS 2 | - | - | 0.09 | 0.09 |
| Dividend | - | - | -6.98 | -6.98 |
| Total comprehensive income | - | - | 3.65 | 3.65 |
| Closing Balance 30 June 2013 | 6.98 | 39.41 | 28.26 | 74.65 |
| April -June | January-June | January - December | ||||
|---|---|---|---|---|---|---|
| AMOUNTS IN SEK MILLION | 2013 | 2012 | 2013 | 2012 | 2012 | 2011 |
| Key Ratio | ||||||
| Revenue | 11.8 | 11.3 | 23.5 | 23.0 | 45.9 | 49.0 |
| Net result | 1.2 | 0.1 | 3.6 | 1.8 | -3.7 | 14.5 |
| Operating margin % | 11.9 | 0.0 | 12.3 | 5.7 | 2.2 | 23.7 |
| Solidity, % | 91.3 | 90.8 | 91.3 | 90.8 | 93.9 | 93.3 |
| Adjusted shareholders' equity | 74.7 | 83.2 | 74.7 | 83.2 | 77.9 | 93.2 |
| Capital employed | 74.7 | 83.2 | 74.7 | 83.2 | 77.9 | 93.2 |
| Total assets | 81.8 | 91.6 | 81.8 | 91.6 | 83.0 | 99.9 |
| Return on shareholders' equity, % | 1.5 | 0.1 | 4.7 | 2.0 | -4.3 | 16.6 |
| Return on capital employed, % | 1.3 | 0.1 | 3.8 | 1.8 | -4.3 | 16.4 |
| Return on total assets, % | 1.3 | 0.1 | 3.8 | 1.8 | -4.0 | 15.2 |
| Debt-to-equity ratio | - | - | - | - | - | - |
| Employees | ||||||
| Number of employees at the end of the period | 18 | 20 | 18 | 20 | 19 | 17 |
| Data per Share | ||||||
| Earnings per share, SEK | 0.2 | 0.0 | 0.5 | 0.3 | -0.5 | 2.1 |
| Dividends per share, SEK | 1.0 | 1.7 | 1.0 | 1.7 | 1.7 | 0.5 |
| Cashflow from operations per share, SEK | 0.8 | 0.0 | 0.8 | 0.0 | 0.2 | 2.1 |
| Share price at the end of the period, SEK | 51.5 | 52.0 | 51.5 | 52.0 | 43.8 | 45.0 |
Average number of shares shareholders' equity
Weighted average of the number of shares outstanding for the period Return on capital employed
Weighted average of the number of shares and warrants outstanding for the period expenses as a percentage of average capital employed Earnings per share Return on total assets
Net result divided by the average number of shares adjusted for outstanding warrants Debt-to-equity ratio related to the employee stock options Interest bearing liabilities divided by adjusted
Adjusted shareholders' equity divided by the average number of shares Dividend per share
Adjusted shareholders' equity divided by the average number of shares adjusted for Cashflow from operations per share outstanding warrants related to employee stock options Cashflow from operations divided by the number of shares
Adjusted shareholders' equity expressed as percentage Latest paid price for the SinterCast share at
Shareholders' equity plus 78% of untaxed reserves, if any Amount below SEK 50,000
Total assets less non-interest bearing liabilities No amount applicable
Operating results as percentage of revenue Net result as a percentage of average adjusted
Net result divided by the average number of shares Net result after financial items plus financial expenses
of total assets end of period NASDAQ OMX stock exchange, Stockholmsbörsen
Capital employed Value presented as "-"
| April -June | January-June | January - December | |||||
|---|---|---|---|---|---|---|---|
| AMOUNTS IN SEK MILLION | 2013 | 2012 | 2013 | 2012 | 2012 | 2011 | |
| Revenue | 11.2 | 10.6 | 22.4 | 21.3 | 43.6 | 46.1 | |
| Cost of goods sold | -3.2 | -3.1 | -6.1 | -6.5 | -13.5 | -14.1 | |
| Gross result | 8.0 | 7.5 | 16.3 | 14.8 | 30.1 | 32.0 | |
| Cost of sales and marketing | -4.2 | -4.6 | -8.1 | -8.8 | -19.2 | -12.1 | |
| Cost of administration | -1.7 | -1.9 | -3.4 | -3.6 | -6.5 | -6.6 | |
| Cost of research & development | -1.4 | -1.4 | -2.7 | -2.7 | -5.5 | -4.4 | |
| Other operating income | 0.1 | 0.0 | 0.4 | 0.0 | 0.8 | 2.2 | |
| Other operating costs | 0.0 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | |
| Operating result | 0.8 | -0.3 | 2.5 | -0.3 | -0.3 | 11.1 | |
| Financial income | 0.0 | 0.2 | 0.2 | 0.7 | 1.1 | 0.6 | |
| Financial costs | -0.1 | -0.1 | -0.1 | -0.1 | -0.1 | -1.1 | |
| Income Tax | 0.0 | -0.1 | 0.7 | -0.2 | -5.7 | 3.4 | |
| Result for the period | 0.7 | -0.3 | 3.3 | 0.1 | -5.0 | 14.0 | |
| Result attributable to: | |||||||
| Equity holder of the parent company | 0.7 | -0.3 | 3.3 | 0.1 | -5.0 | 14.0 | |
| Non-controlling interests | - | - | - | - | - | - | |
| Earnings per share, SEK | 0.1 | 0.0 | 0.5 | 0.0 | -0.7 | 2.0 | |
| Earning per share, diluted, SEK | 0.1 | 0.0 | 0.5 | 0.0 | -0.7 | 2.0 | |
| Number of shares at the close of the period, thousands | 6,975.7 | 6,975.7 | 6,975.7 | 6,975.7 | 6,975.7 | 6,975.7 | |
| Average number of shares, thousands | 6,975.7 | 6,975.7 | 6,975.7 | 6,975.7 | 6,975.7 | 6,975.7 | |
| Average number of shares adjusted for outstanding warrants | 6,975.7 | 6,975.7 | 6,975.7 | 6,975.7 | 6,975.7 | 6,975.7 |
| April -June | January-June | January - December | ||||
|---|---|---|---|---|---|---|
| AMOUNTS IN SEK MILLION | 2013 | 2012 | 2013 | 2012 | 2012 | 2011 |
| Result for the period | 0.7 | -0.3 | 3.3 | 0.1 | -5.0 | 14.0 |
| Total comprehensive income | 0.7 | -0.3 | 3.3 | 0.1 | -5.0 | 14.0 |
| Total comprehensive income attributable to: Equity holder of the parent company Non-controlling interests |
0.7 - |
-0.3 - |
3.3 - |
0.1 - |
-5.0 - |
14.0 - |
| AMOUNTS IN SEK MILLION | 30 Jun 2013 |
30 Jun 2012 |
31 Mar 2013 |
31 Mar 2012 |
31 Dec 2012 |
31 Dec 2011 |
|---|---|---|---|---|---|---|
| ASSETS | ||||||
| Intangible assets | 1.5 | 2.0 | 1.6 | 2.2 | 1.7 | 2.3 |
| Tangible assets | 2.1 | 0.6 | 1.9 | 0.5 | 1.9 | 0.4 |
| Financial assets | 32.6 | 36.4 | 32.5 | 36.1 | 31.4 | 36.0 |
| Total fixed assets | 36.2 | 39.0 | 36.0 | 38.8 | 35.0 | 38.7 |
| Stock | 3.5 | 4.8 | 3.2 | 4.0 | 4.0 | 3.7 |
| Short-term receivables | 16.7 | 20.9 | 16.6 | 16.3 | 12.2 | 9.7 |
| Short term deposits and cash at bank and in hand | 31.7 | 33.6 | 34.6 | 45.2 | 34.1 | 45.4 |
| Total current assets | 51.9 | 59.3 | 54.4 | 65.5 | 50.3 | 58.8 |
| Total Assets | 88.1 | 98.3 | 90.4 | 104.3 | 85.3 | 97.5 |
| SHAREHOLDERS' EQUITY AND LIABILITIES | ||||||
| Shareholders' equity* | 64.7 | 73.1 | 70.9 | 85.2 | 68.3 | 84.6 |
| Long term liabilities | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 |
| Current liabilities | 23.3 | 25.1 | 19.4 | 19.0 | 16.9 | 12.8 |
| Total shareholders' equity and liabilities | 88.1 | 98.3 | 90.4 | 104.3 | 85.3 | 97.5 |
| Adjusted equity per share, SEK | 9.3 | 10.5 | 10.2 | 12.2 | 9.8 | 12.1 |
| Share | Results | Results | ||||
| * STATEMENT OF CHANGES IN EQUITY Attributable to the equity holder of the parent company |
Share Statutory Capital Reserve |
Premium Brought Reserve Forward |
For the Year |
Total Equity |
||
| Opening balance 1 January 2012 | 6.98 | 9.53 | 29.88 | 24.21 | 14.03 | 84.63 |
| Appropriation of last year´s result | - | - | - | 14.03 | -14.03 | 0.00 |
| Employee share option programme, IFRS 2 | - | - | - | 0.22 | - | 0.22 |
| Dividend | - | - | - | -11.86 | - | -11.86 |
| Total comprehensive income | - | - | - | - | 0.06 | 0.06 |
| Closing Balance 30 June 2012 | 6.98 | 9.53 | 29.88 | 26.60 | 0.06 | 73.05 |
| Opening balance 1 January 2013 | 6.98 | 9.53 | 29.88 | 26.82 | -4.96 | 68.25 |
| Appropriation of last year´s result | - | - | - | -4.96 | 4.96 | 0.00 |
| Employee share option programme, IFRS 2 | - | - | - | 0.09 | - | 0.09 |
| Dividend | - | - | - | -6.98 | - | -6.98 |
| Total comprehensive income | - | - | - | - | 3.33 | 3.33 |
| Closing Balance 30 June 2013 | 6.98 | 9.53 | 29.88 | 14.97 | 3.33 | 64.69 |
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